AT&T
T · Integrated Telecommunication Services
$20.93
8.0%Verizon
VZ · Integrated Telecommunication Services
$44.66
1.2%The short version
- Verizon is the larger business, with $138.2B of revenue in fiscal 2025 against $125.6B for AT&T.
- Verizon kept more of each dollar of sales as operating profit (21.2% operating margin, against 19.2% operating margin).
- AT&T turned more of its sales into free cash flow (15.5% FCF margin, against 14.6% FCF margin).
- Verizon earned a higher return on the capital invested in it (9.4%, against 8.7%).
- Investors pay more for each dollar of Verizon’s earnings: a P/E of 11.6x against 11.3x for AT&T.
| Latest fiscal year | T · FY25 | VZ · FY25 |
|---|---|---|
| Size | ||
| Market cap | $143.2B | $186.3B |
| Revenue | $125.6B | $138.2B |
| Free cash flow | $19.4B | $20.1B |
| Net income | $22.0B | $17.2B |
| Growth | ||
| Revenue growth | 2.7% | 2.5% |
| 5-year growth | −2.6% | 1.5% |
| Share count change | −0.4% | 0.2% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 19.2% | 21.2% |
| Net margin | 17.5% | 12.4% |
| FCF margin | 15.5% | 14.6% |
| Return on capital | 8.7% | 9.4% |
| Return on equity | 17.9% | 16.7% |
| Balance sheet | ||
| Net debt | $117.9B | $139.1B |
| Net debt / EBITDA | 2.6x | 2.9x |
| Dividends and buybacks | $12.7B | $11.5B |
| Valuation & quality | ||
| P/E | 11.3x | 11.6x |
| Piotroski F-score | 7 | 5 |
FY16
T $163.8B
VZ $126.0B
FY17
T $160.5B
VZ $126.0B
FY18
T $170.8B
VZ $130.9B
FY19
T $181.2B
VZ $131.9B
FY20
T $143.1B
VZ $128.3B
FY21
T $134.0B
VZ $133.6B
FY22
T $120.7B
VZ $136.8B
FY23
T $122.4B
VZ $134.0B
FY24
T $122.3B
VZ $134.8B
FY25
T $125.6B
VZ $138.2B
T
VZ
FY16
T 14.4%
VZ 23.2%
FY17
T 12.4%
VZ 21.8%
FY18
T 15.3%
VZ 17.0%
FY19
T 15.4%
VZ 23.0%
FY20
T 5.9%
VZ 22.5%
FY21
T 19.3%
VZ 24.3%
FY22
T −3.8%
VZ 22.3%
FY23
T 19.2%
VZ 17.1%
FY24
T 15.6%
VZ 21.3%
FY25
T 19.2%
VZ 21.2%
T
VZ
FY16
T $16.9B
VZ $4.6B
FY17
T $17.4B
VZ $7.1B
FY18
T $22.4B
VZ $17.7B
FY19
T $29.0B
VZ $17.8B
FY20
T $28.4B
VZ $23.6B
FY21
T $26.4B
VZ $19.3B
FY22
T $16.2B
VZ $14.1B
FY23
T $20.5B
VZ $18.7B
FY24
T $18.5B
VZ $19.8B
FY25
T $19.4B
VZ $20.1B
T
VZ
FY16
T 6.5%
VZ 15.1%
FY17
T 8.0%
VZ 19.0%
FY18
T 6.7%
VZ 11.2%
FY19
T 6.3%
VZ 15.7%
FY20
T 1.9%
VZ 12.7%
FY21
T 6.3%
VZ 12.3%
FY22
T −1.3%
VZ 9.9%
FY23
T 7.6%
VZ 6.8%
FY24
T 5.8%
VZ 9.3%
FY25
T 8.7%
VZ 9.4%
T
VZ
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.